Seattle Genetics, Inc. (SGEN) Stake Lowered by Parametric Portfolio Associates LLC

Parametric Portfolio Associates LLC lessened its position in Seattle Genetics, Inc. (NASDAQ:SGEN) by 34.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 74,946 shares of the biotechnology company’s stock after selling 39,151 shares during the period. Parametric Portfolio Associates LLC owned approximately 0.05% of Seattle Genetics worth $3,878,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SGEN. Aperio Group LLC increased its stake in Seattle Genetics by 0.3% during the 2nd quarter. Aperio Group LLC now owns 31,693 shares of the biotechnology company’s stock valued at $1,640,000 after buying an additional 91 shares during the period. Eqis Capital Management Inc. increased its stake in Seattle Genetics by 0.7% during the 2nd quarter. Eqis Capital Management Inc. now owns 26,258 shares of the biotechnology company’s stock valued at $1,359,000 after buying an additional 177 shares during the period. Oregon Public Employees Retirement Fund increased its stake in Seattle Genetics by 1.1% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 18,400 shares of the biotechnology company’s stock valued at $952,000 after buying an additional 200 shares during the period. Prudential Financial Inc. increased its stake in Seattle Genetics by 6.8% during the 2nd quarter. Prudential Financial Inc. now owns 6,291 shares of the biotechnology company’s stock valued at $325,000 after buying an additional 400 shares during the period. Finally, Grandfield & Dodd LLC increased its stake in Seattle Genetics by 5.2% during the 2nd quarter. Grandfield & Dodd LLC now owns 10,001 shares of the biotechnology company’s stock valued at $517,000 after buying an additional 495 shares during the period. 98.45% of the stock is currently owned by institutional investors and hedge funds.

SGEN has been the topic of several recent research reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Seattle Genetics in a research note on Thursday, July 27th. ValuEngine cut shares of Seattle Genetics from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Cowen and Company reaffirmed a “hold” rating and issued a $54.00 price objective on shares of Seattle Genetics in a research note on Friday, July 28th. BidaskClub cut shares of Seattle Genetics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Finally, Cantor Fitzgerald set a $46.00 price objective on shares of Seattle Genetics and gave the stock a “hold” rating in a research note on Wednesday, August 16th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $63.53.

In related news, CFO Todd E. Simpson sold 39,385 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $60.91, for a total transaction of $2,398,940.35. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Jonathan G. Drachman sold 10,000 shares of the business’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $47.54, for a total transaction of $475,400.00. The disclosure for this sale can be found here. Insiders have sold 196,733 shares of company stock worth $10,543,551 in the last ninety days. 34.70% of the stock is currently owned by insiders.

Seattle Genetics, Inc. (NASDAQ:SGEN) traded down $0.84 during trading hours on Tuesday, hitting $57.12. 762,300 shares of the stock were exchanged, compared to its average volume of 977,741. Seattle Genetics, Inc. has a 12 month low of $45.31 and a 12 month high of $73.99.

Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.42) by $0.23. Seattle Genetics had a negative net margin of 26.53% and a negative return on equity of 32.41%. The company had revenue of $135.29 million for the quarter, compared to analyst estimates of $112.76 million. During the same quarter last year, the firm posted ($0.23) earnings per share. The company’s quarterly revenue was up 27.3% compared to the same quarter last year. sell-side analysts forecast that Seattle Genetics, Inc. will post -1.01 EPS for the current year.

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Seattle Genetics Company Profile

Seattle Genetics, Inc is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company is engaged in the development and sale of pharmaceutical products on its own behalf or in collaboration with others. The Company’s marketed product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC).

Institutional Ownership by Quarter for Seattle Genetics (NASDAQ:SGEN)

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